Team Spirit Calendars imprints calendars with college names. The company has fixed expenses of $ 1,125,000 each month plus variable expenses of $ 4.50 per carton of calendars. Of the variable expense, 75% is cost of goods sold, while the remaining 25% relates to variable operating expenses. The company sells each carton of calendars for $ 19.50. Read the requirements. Requirements: 1. Compute the number of cartons of calendars that Team Spirit Calendars must sell each month to breakeven. Begin by determining the basic income statement equation. 2. Compute the dollar amount of monthly sales that the company needs in order to earn $338,000 in operating income (round the contribution margin ratio to two decimal places). 3. Prepare the companys contribution margin income statement for June for sales of 460,000 cartons of calendars. 4. What is Junes margin of safety (in dollars)? What is the operating leverage factor at this level of sales? 5. By what percentage will operating income change if Julys sales volume is 14% higher? Prove your answer.